Toll Group Level 7, 380 St Kilda Road Melbourne VIC 3004 Australia T +61 3 9694 2888 F +61 3 9694 2880 www.tollgroup.com Toll Holdings Limited ABN 25 006 592 089

20 June 2012 The Manager Australian Stock Exchange Company Announcement Office Level 4 20 Bridge Street Sydney NSW 2000

Lodged Through ASX On Line Total No. of Pages: 24

Dear Sir Toll Investor Presentations: TGL China – Day 3 Please find attached additional Presentation Slides for Day 3 of Toll Investor Visit in Shanghai relating to Toll Global Logistics China, for release to the market. Yours faithfully TOLL HOLDINGS LIMITED Bernard McInerney Company Secretary

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TOLL GLOBAL LOGISTICS

China

Toll Investor Tour, Shanghai – 20 June 2012

Victor Tan - Regional Director, North Asia, TGL

Xu Bao - Deputy Country General Manager, Greater China, TGL

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Agenda

Toll China overview

Milestones 1995 – 2012

Organisation structure

The business today

Strategy going forward

What are the challenges and opportunities of doing business in China?

Opportunities

Challenges

How Toll is overcoming such challenges.

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Toll China overview

Leadership Victor Tan, Regional Director North Asia

Personnel 2,100

Service

Offerings

Warehousing, inventory management, freight management, inter-modal

distribution, returns management, co-packing and other value added

services, nationwide point-to-point delivery, customs clearance, quarantine

inspection, application of quotas for restricted goods.

Minhang

-Warehousing

-Value Added

Hong Kong

Shanghai

Shenyang

Beijing

Xi’an

Chengdu

Urumqi

Kunming

Zhengzhou

Nanning

Changsha

Nanjing

Nanchang

Jinan

Chongqing

Zhongshan

Wuhan

Qingdao

Yangzhou

Harbin

Guangzhou

Songjiang

Waigaoqiao

Tianjing

Toll Global Logistics was awarded for Supply Chain Innovation at 2011 Supply Chain Asia Logistics Awards! Recognizes that our supply chain processes have lead to major cost

savings, efficiency gains and improved customer service.

“The logistics service provided of Toll China has been very well

to our high satisfaction. Walter Chan, Manufacturing Director,

Hawley & Hazel, China

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Milestones (1995 – 2012)

Strategic growth path

1995 1997

2005

2007

2008

2006

2003

2010

Set up 7 strategic

RDC in turn and

operate.

Profit in early

1999

New WMS

upgrade in

all RDCs.

Finish

Olympic

Projects

smoothly

Start Fixed

Schedule

Delivery

(FSD)

services by

owned-truck

among

Beijing &

Shanghai &

Guangzhou

GZRDC moves

to new

customized w/h

with area of

80,000 m2;

Parent company

- Semblog is

acquired by Toll

Group, biggest

logistics

company in

Australia

>100 Customers

Start bonded

warehousing

services in

Shenzhen

Futian

NVOCC License-

start international

freight forwarding

business.

SHRDC moves to

new W/House

with area of

60000 m2

Incorporated as a JV in

Shenzhen on Dec 20,

with Capital of

US$10M. The total

investment is over

US$25M.

2011

Toll acquires

100%

ownership of

ST-Anda

Rebrands as

Toll Global

Logistics

Wins Asia

3PL award

Relocates SZ

HQ

function to

SHA

2012

Restructured

Mgmt team,

Regional

P&L

ownership &

accountability

Toll wins

Supply

Chain Asia

most

innovative

3PL player

award

Toll secures

Tesco relief

aid to

Thailand

work

Foundation

Phase

Strengthening & Expansion

Phase

Strategic Positioning

Phase

Embracing One Toll

Going Forward

Toll wins J&J

Best Logistics

Provider Award

Toll obtains

license for

transportation

and warehousing

of medical

devices

Toll introduces

5S and Lean

Management

SembCorp / China Merchants Group JV Toll / China Merchants

Group JV Toll owned entity

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Victor Tan

Regional Director

North Asia

AC MGMT COM & FINANCE HR & ADMIN

Eva Peng

Director

HR & Admin

Wang EnHui

Director

IT

CIP & SOLUTION

Tian Xing Kai

Director

CIP, Solution & Imp

Ingrid Wee

Director

AC Management

Caryn Sim

GM

Com & Finance

IT

Xu Bao

Deputy Country GM

China

Tony Ruan

Country Manager

TAIWAN

Regions

James Tan

Director

South Region

Yeo Chong Hwei

Director

North Region

Zhou Sheng Zu

GM

Transport & Ops

Selina Zou

Director

East Region

BD

Eddie Bookoh

GM

BD

Dennis Lim

Country GM

Greater China

Organisation Structure

Toll Global Logistics - Greater China

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The business today

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Our point of difference Toll China operates a comprehensive Pan-China network

Shenyang RDC

Chengdu RDC

Beijing RDC

Shanghai RDC Wuhan RDC

Guangzhou RDC

• 2,100 employees

• 23 logistics facilities

• >400,000 sq.m logistics facilities

• Manage a fleet of 1,200 trucks of which we own >120

• Live SKU’s: 788,205

• Monthly PO’s Handled: >125,000

• Average Monthly Inventory >360,000 cbm

• Cities served: 1,685

• Live Drop Points Served: 38,000

• Green Lane Status (retail stores)

Key statistics • Beijing Shenyang

• Urumqui Qingdao

• Jinan Xian

• Tianjin Harbin

North Region

• Shanghai Baoshan

• Wuhan Zhengzhou

• Yangzhou Nanjing

• Nanchang Changsha

• Minhang Songjiang

East Region

• Guangzhou1 Zhongshan

• Guangzhou3 Chongqing

• HuangPu Chengdu

• Nanning Kunming

South Region

Population: 8.1M

Population: 20.2M

Population: 23.5M

Population: 9.8M

Population: 14.0M

Population: 12.7M

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Road transportation capability

Guangzhou-Xian (via Wuhan)

4 Prime Mover +5 Trailer

Guangzhou-Chengdu

(via Chongqing)

3 Prime Mover + 4 Trailer

Guangzhou-Beijing

(via Wuhan)

4 Prime Mover +

6 Trailer

Guangzhou-Shanghai

11 Prime Mover + 27

Trailer

Beijing Intra-city Delivery

Fleet 10 Trucks

Shanghai Intra-

city Delivery Fleet

16 Trucks

Pearl river delta region Fleet

20 Prime mover+35 Trailer +

15 Trucks (Intra-city Delivery) Guangzhou-Wuhan

3 Prime Mover +6

Trailer

Company Fleet with GPS

24 hours

<200 km

24-48 hours

200 – 600 km

48-72 hours

>600 – 1000

>72 hours

> 1000 km

Toll China provides

daily access to 1,685

cities

25% 44%

19% 12%

• GPS real time monitoring on all vehicles

• Electronic Automatic Dispatch system

usage on last mile deliveries

Transport Network

Fleet Size: More than 1200 available on daily basis

throughout China with 120 company fleet

No. of dedicated sub-contractors: 170

Annual volume (FY10/11) of goods transported:

Approx. 5M m3 or 1M tons

Line-haul network operations

Domestic last mile distribution

Contract Logistics

ISO-compliant transport management procedures

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Our customers in China

Li Ning

Hi-tech Consumer

Retail & Fashion

Industrial

Automotive Healthcare

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Our people – making the difference

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Group OH&S

Standards

Focus on Identifying

OH&S Risks

Incident Investigation

Training

Driver Fatigue

Management

Training to Improve

Attitude and Behaviour

Occupational Health and Safety Initiatives

Our safety belief: Safety First, Safety is everyone's responsibility, All injuries can be avoidable, Return home safe.

Safety Policies Safety Management System Safety Induction for new staff, regular Safety training for all workers

Defensive driving training and appraisal towards new and unsophisticated truck drivers in a constant way

Daily safety Inspection; Semi-annual safety audit; Regular safety meeting; Monthly safety performance evaluation for RDC/DC

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Toll China wins various logistics service awards

Toll China wins multiple J&J logistics

service awards in March 2012 and a host

of other customer awards in earlier years

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Toll Global Logistics

China strategy

1 Grow 2 New Verticals - leveraging on current FMCG

strength. Target - Cold Chain and DG

2 Journey South – Build a overland cross border

capability from CN -> TH -> MY -> SG

3 Go West - Expand footprint into Western China to

support customer’s growth path

4 Up Scale Service Level Std – 1up & 3down approach

driven by RD owned by CGM, RGM, DC Mgr

5 Know How Exchange - Expose and train key person

in the business to best practice and best in class

6 Cost to Serve - Develop a better understanding –

deliver better margins, enhance competitiveness

7 Strengthen 15 yr Leadership Position in FMCG

Verticals – build relationship via C-BD, R-BD & G-BD

8 TGL target Customers – Expand and grow with them

9

Leadership Planting - Build an effective culturally

balanced and responsive China management team

Lead

Grow

TGL 2015

Improve

GROW

Lead

Grow

TGL 2015

Improve

IMPROVE

Lead

Grow

TGL 2015

Improve

LEAD

Target Vertical Markets

FMCG Raw material and finish product –

domestic and export

Retail Retail logistics – Hypermarts,

Supermarts, C-stores, E-commerce

Industrial Steel, Mining, Machinery

Key Product Offerings

Transport Domestic fleet with strong

national cross dock network

Multi-modal transport mgmt

(Road, Air, Rail and Barge)

Warehousing Inventory management

Ambient, & Temp control

Value-added

services

• Quality check, Co-packing,

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What are the challenges and opportunities of doing

business in China?

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China – opportunities

Opportunities

Near Term

Market potential, GDP growth forecast for 2012 is 8.7% - every business wants to be in China,

online retailer expect sales to triple.

Western China largely untapped presenting opportunities – most FMCG looking west to

achieve double digit growth.

Cold Chain logistics is emerging – specialised asset, high entry banner, higher margin, less

competition, government legislation is tightening – opportunity for Toll as a niche provider, i.e.

‘National Development and Reform Commission of China which formulates policies for

economic and social development, has targeted this specialist logistics sector for improvement

in an effort to slash the huge amount of food that goes rotten or is wasted before it reaches

consumers’.

Longer Term

Healthcare sector – high digit growth as China’s population ages.

Dangerous goods – lucrative market, stricter compliance catching up.

Overland cross border road network across 7 countries China – Laos – Vietnam – Cambodia –

Thailand – Malaysia – Singapore.

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The game has changed - impact on our business

o Wages have doubled in five years

o Social and insurance benefits

o Housing allowance benefits

o High temperature allowance

o Payload and vehicle dimension limitations

o Increasing population unrest

Rental inflation – government reluctant to release land for logistics,

pushing demand over supply, and rental hike by double digit.

Customers are increasingly looking towards 3PL owning such asset to

contain warehousing cost. However commitment is still one way – non

mutual as long term contract beyond three years are still hard to come by.

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Customers are price sensitive – often, it is still a ‘How much per tonne’ rather than ‘What is

my total supply chain cost’

Multi-dimensional Market – The market has significant differences in customer needs and

wants between regions. MNCs terms and conditions based on global contract framework.

Changing consumer demand – Customers are forced to change their distribution profile

and strategy frequently, resulting in short response times for 3PLs.

Regional differences – All provinces in China are different and have differing operating cost

base and challenges, e.g differences in government policy, wages, property costs, VAT vs

business tax.

Rising costs – Property, fuel and labor costs are rising.

Legislative environment – A lot of grey areas in legal legislature.

Frequent changes to regulations – VAT, truck pay load limitations, vehicle dimensions,

health + welfare benefits, minimum wage (mostly without prior industry consultation).

Customers behaviour – encourage competing customers to recognise the benefits of

logistics collaboration vs competitive threat.

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Opportunities for Toll in China

Outsource trend still very low at 2.7% versus 30% in developed markets. Explosive

growth expected as government pushes for higher focus on domestic consumption;

which will come from tier 2 and 3 cities, particularly western part of China. Toll China

is well positioned to support our customer growth.

Alignment to markets requiring a need to develop sophisticated Supply Chain

solutions (3PL & 4PL) with subsequent contract longevity and improved supply chain

efficiencies. E.g. our regional BD strategy.

Target MNCs and sophisticated local customers that recognise Toll can add value

along the full supply chain, and who share common corporate values. E.g.

differentiate by our ‘One Toll’ global connectivity.

In-country capability - can leverage the knowledge and skillsets of regional and

global expertise (something SOEs struggle with).

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Property strategy

consolidate, upgrade to modern warehouse space; Back-to-back leases with

mid-term ‘get out’ clauses. Consider landbanking and owned properties where

strategic.

People development - exchange program established – continue career planning

and cross fertilisation to ensure strive to best practice and ‘employer of choice’

Investment – continue to invest in own fleet for line haul and distribution where

appropriate.

Differentiate

technology (GPS, Auto Dispatch, RF… RFID)

continue to invest in CIP projects to drive productivity that supports long term

growth, competitiveness and improved shareholder returns.

Opportunities for Toll in China F

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Shenyang

RDC

Chengdu

RDC

Beijing

RDC

Shanghai

RDC

Wuhan

RDC

Guangzhou

RDC

Urumqi DC

Harbin DC

Zhengzhou

DC

Qingdao DC

Jinan DC

Hong Kong DC

Nanning DC Kunming DC

Xi’an DC

Yangzhou DC

Nanjing

DC

Zhongshan DC

Chongqing DC

Nanchang

DC

Changsha DC

Regional Distribution Centre

Distribution Centre

• West

• Xi’an

• Chengdu

• Kuming

• North

• Harbin

• Shenyang

Ready network to

support next phase

growth in China

Build and expand on our existing

established network with our target

customers, developing a scheduled

full multi-modal service offering as

water and rail infrastructure

becomes more readily available.

Growth is going

Toll is well positioned to support our customers in their next growth surge

Opportunities for Toll in China F

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Thank You

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For investor related information please contact:

David Shirer – Group General Manager Investor Relations - Toll Group

Phone: +61 3 8689 3226

Mobile: +61 407 512 521

Email: david.shirer@tollgroup.com

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This presentation includes “forward-looking statements.” These can be identified by words such as “may”, “should”, “anticipate”, “believe”, “intend”, “estimate” and “expect”. Statements which are not based on historic or current facts may be forward-looking statements.

Forward-looking statements are based on assumptions regarding Toll’s financial position, business strategies, plans and objectives of management for future operations and development and the environment in which Toll will operate.

Forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed and which are subject to various risks and uncertainties. Actual results, performance or achievements of Toll could be materially different from those expressed in, or implied by, these forward-looking statements. The forward-looking statements contained in this presentation are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Toll, which may cause the actual results, performance or achievements of Toll to differ materially from those expressed or implied by the forward-looking statements. For example, the factors that are likely to affect the results of Toll include general economic conditions in Australia and Globally; exchange rates; competition in the markets in which Toll does and will operate; weather and climate conditions; and the inherent regulatory risks in the businesses of Toll. The forward-looking statements contained in this presentation should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive.

Toll disclaims any responsibility for the accuracy or completeness of any forward-looking statement. Toll disclaims any responsibility to update or revise any forward-looking statement to reflect any change in Toll’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by law.

The projections or forecasts included in this presentation have not been audited, examined or otherwise reviewed by the independent auditors of Toll. Unless otherwise stated, all amounts are based on A-IFRS and are in Australian Dollars. Certain figures may be subject to rounding differences. Any market share information in this presentation is based on management estimates based on internally available information unless otherwise indicated.

You must not place undue reliance on these forward-looking statements.

This presentation is not an offer or invitation for subscription or purchase of, or a recommendation of securities. The securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933 (as amended) and may not be offered or sold in the United States absent registration or an exemption from registration.

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